Petroleum Africa
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Friday, October 10, 2014
Taipan Resources’ wholly owned subsidiary in Kenya, Lion Petroleum, entered into a LoI with Greatwall Drilling Co. of China for the use of its GW-190 rig to drill the Badada well on Block 2B. Taipan is fully carried by partners Premier Oil and Tower Resources on the Badada well.
The Badada well is targeting 251 million barrels of oil in the Tertiary rift play where evidence suggests there is an oil-prone lower Tertiary source (the Hothori-1 well, drilled in Taipan’s acreage, in 1989). Taipan believes there is significant potential for an oil-prone Tertiary play in Block 2B and believes there are similar structural elements on this block when compared to the initial discoveries in the Lokichar basin of Kenya.
The Badada prospect has been independently estimated by Sproule International to have Mean Gross Unrisked Prospective Resources of 251 mmboe and High (P10) Estimate Gross Unrisked Prospective Resources of 498 mmboe. The total estimated Mean Gross Unrisked Prospective Resources on Block 2B is 1,593 mmboe based on 19 exploration leads.
Ground has been broken at the Badada well site and a water well is presently being drilled and site preparation underway in advance of the delivery of the rig. Taipan has also contracted or is in the process of contracting with a number of local Kenyan companies from the surrounding area for a range of services including site construction, road repair and the provision of food and other supplies. It is anticipated the well will be spud between mid-December and mid-January 2015, and will take approximately 70 days to complete.
Maxwell Birley, CEO of Taipan commented, “We continue to believe that the ‘sweet spot’ of the AnzaBasin is located on Block 2B. This is an exciting time for the Taipan team and for our shareholders as we prepare to spud this well later this year.”
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